Although the language itself is whimsical, its use is widespread and evolving. There is a Lolcat translation of the bible, Oxford University Press has even lightheartedly posted a lolcat generator on the Oxford Dictionary site and there are numerous lolcat translations sites on the web. Lolcat speak has even been used as the basis of a computer language, one form of which is apparently Turing complete.
I'm interested in what the categorization of this language might be in the context of Linguistics, and other relevant information, including if it has been studied seriously.
Context: I am asking about a silly subject on Linguistics because I have an interest in how comedy is constructed. This may involve intentional fallacies, inappropriate responses, random or calculatedly non-standard constructions, forms and usages, multiple meanings, and even vectors in the sense of leading up to an expected conclusion, then reversing. (Exemplars range from Mistress Quickly to Rickles, and more recently, lolcats and Ricky.)
My interest in this language is three-fold. (1) "Cuteness" has a utility function, is certainly a strategy, and probably an adaptation; (2) Formation and evolution of this language is relevant and interesting; (3) I suspect it might be a useful example to convey basic linguistics concepts to kids.